Publicly traded bitcoin miners held 115,335 BTC as of Feb. 20, price about $7.4 billion at latest costs.
That whole fell 4.44% month-over-month, marking the primary sustained contraction since miners started treating bitcoin as a balance-sheet asset.
Treasury gross sales choose up
Riot Platforms bought 1,818 BTC in December 2025, producing $161.6 million in web proceeds and ending with 18,005 BTC.
Bitdeer took a extra aggressive route, liquidating its complete treasury.
It bought 189.8 BTC it mined and dumped 943.1 BTC from reserves whereas elevating $300 million in convertible notes to fund an AI infrastructure pivot.
Margins squeezed after the halving
The April 2024 halving lower the block subsidy to three.125 BTC, lowering each day issuance to roughly 450 BTC.
Transaction charges have contributed little to miner income, with CoinShares saying charges have been “decisively under 1%” of whole miner earnings.
Mining problem rose about 14.73% on Feb. 19 to roughly 144.40T, whereas hashprice fell again under $30 per petahash per day.
How a lot provide might hit the market
At 450 BTC per day of latest issuance, the 115,335 BTC held by public miners equals about 256 days of provide.
A ten% liquidation could be about 11,533 BTC, or 26 days of issuance.
Treasury focus can also be excessive, with Marathon, Riot, CleanSpark, and Hut 8 holding 94,646 BTC, or 82.1% of disclosed public-miner reserves.
Stress alerts and ahead pricing
Luxor’s ahead market implied a six-month hashprice close to $28.73 per PH/s per day.
Glassnode’s Puell A number of stood at 0.673 as of Feb. 23, under the 1.0 stage related to below-average miner income.